The dizzying, bionic two years of a record-setting sales pace in Ottawa’s real estate market has certainly slowed and realtors describe a return to normal levels.
Bennett is the co-host of The Bennett Real Estate and Wealth Show on Newstalk 580 CFRA and regular contributor to CTV Ottawa’s News at Noon. He says he hears many myths and misconceptions, many times a day, every day from nervous clients. He wants to correct them to help quell clients' anxiety."While sales are down compared to last year, it's important to put the last year into context - 2021 was the best year for real estate, setting both sales and price records," Bennett says.
"In June 2019, on average it took over 35 days for a home to sell, and that was considered exceptionally quick at that time. Plus keep in mind, that there is a difference between the selling date and the closing date - many sellers are looking for closing dates in the 90-day range, so if a sale takes a few weeks longer they still have ample time for their desired closing date.
Let's see how well this holds up, shall we? RemindMe_OfThis in six months. I think asking a realtor uncritically about how the Housing Market is doing is a dumb idea. They're invested in it being profitable.
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Ottawa housing market slowdownHome sales in Ottawa dropped by 35 per cent in July from the same time last year. CTV's Megan Shaw reports.
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